Buffett's Berkshire Adds to Holdings of Occidental Petroleum, SiriusXM

Investopedia
2024-12-21

Key Takeaways

  • Warren Buffett's Berkshire Hathaway has added to its holdings of shares of Occidental Petroleum and SiriusXM Holdings.
  • According to regulatory filings, Berkshire Hathaway purchased 8.9 million shares of Occidental Petroleum and 5.0 million shares of SiriusXM Holdings.
  • Shares of both companies have tumbled this year, hitting their lowest levels of 2024 yesterday.

Shares of Occidental Petroleum (OXY) and SiriusXM Holdings (SIRI) advanced about 4.5% and 10%, respectively, on Friday after billionaire investor Warren Buffett's Berkshire Hathaway (BRK.A) added to its holdings of the stocks. 

In a regulatory filing, Occidental reported Berkshire purchased about 8.9 million shares between Monday and Wednesday this week, with prices ranging from $45.55 to $46.92 each. With those additions, Berkshire now holds 264.2 million common shares, along with 84,897 of preferred stock.

In a separate filing, SiriusXM said in the same three days, Berkshire bought roughly 5.0 million shares with prices from $20.85 to $22.49 each. Berkshire now owns 117.5 million shares.

In June, Berkshire picked up 7.3 million shares of the oil producer, and it added 3.6 million shares of the satellite radio provider in October. 

Buffett likely was looking to buy the dips with these new acquisitions. Occidental Petroleum and SiriusXM Holdings shares are down 20% and nearly 60%, respectively, this year, hitting their 2024 lows yesterday. 

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